Among the companies with shares expected to actively trade Friday are Anadarko Petroleum Corp.(APC), Simon Property Group Inc.(SPG) and Qualcomm Inc.(QCOM)
A U.S. bankruptcy judge ruled Anadarko Petroleum could be liable for at least $5 billion in a lawsuit over environmental and legal liabilities related to its 2006 acquisition of Kerr-McGee Corp. Judge Allan L. Gropper said Anadarko could have to pay damages of between $5.2 billion and $14.2 billion in his opinion. Energy analysts had pegged Anadarko’s liability at $3 billion or less. Shares sank 11% premarket to $74.85.
Simon Property unveiled plans to spin off all its strip centers and smaller enclosed malls into an independent, publicly traded real-estate investment trust, as the nation’s largest mall owner looks to focus on its larger malls and outlets. Shares rose 2.8% premarket to $152.50.
Qualcomm Inc. named its chief operating officer, Steve Mollenkopf, as its new chief executive, replacing Paul Jacobs, who has led the chip maker since 2005. The move comes amid reports that Mr. Mollenkopf had been a possible contender to succeed Steve Ballmer as chief executive of Microsoft Corp.(MSFT) Shares rose 0.7% premarket to $73.25.
Restoration Hardware Holdings Inc.'s(RH) Co-Chief Executive Carlos Alberini is resigning from the high-end home-goods retailer as of the end of next month, to become the chairman and chief executive of Lucky Brand. The announcement was made as the company also raised its fiscal-year guidance and reported that its fiscal third-quarter earnings surged as same-store sales climbed 29%. Still, shares were down 7.9% to $60.10 premarket.
Adobe Systems Inc.(ADBE) said its fiscal fourth-quarter profit tumbled 71% as the software company reported a sharp drop in product sales and higher sales and marketing expenses. The company also issued targets for the new year that missed Wall Street’s expectations. However, shares rose 6.1% to $57.30 premarket as revenue for the latest quarter topped analysts’ estimates.
Xoma Corp.(XOMA) announced it plans to sell shares of its common stock, though it didn’t say how many. The drug developer recently had about 93.1 million shares outstanding, according to FactSet. Shares fell 8.3% to $5.19 premarket.
Building materials company Texas Industries Inc.(TXI) is considering a sale, Bloomberg News reported, citing three people familiar with knowledge of the matter. Shares of the company jumped 12% premarket to $65.50.
Biopharmaceutical firm Coronado Biosciences Inc.(CNDO) said a recent pilot study found that the first five patients using its potential autism treatment showed statistically significant separation from placebo, in favor of the drug. The treatment was also well-tolerated. The study is still ongoing. Shares jumped 26% to $2.25 premarket.
Sonus Networks Inc.(SONS) agreed to buy Performance Technologies Inc.(PTIX), a supplier of network communications products, for $3.75 a share, a 26% premium of Thursday’s close, or $42 million. The companies said the deal was worth $30 million, net of Performance Technologies’ cash and excluding acquisition costs. Performance Technologies shares jumped 24% to $3.70 premarket, just under the offer price.
Coca-Cola Co.(KO) is shaking up its senior management, announcing late Thursday that its Americas chief is leaving the beverage giant. The sudden departure of Steve Cahillane, once viewed as a potential successor to Chief Executive Muhtar Kent, comes as the maker of Minute Maid orange juice, Powerade sports drinks and namesake cola struggles to grow in its key U.S. market and slowing sales in Brazil and Mexico.
Medical-testing services provider Quest Diagnostics Inc.(DGX) raised the low end of its 2013 profit estimate, a rosier view that comes two days after rival Laboratory Corp. of America Holdings issued a disappointing 2014 outlook.
United Technologies Corp.(UTX) issued profit and revenue targets for 2014 that mostly fell short of Wall Street’s expectations, as the industrial conglomerate signaled asset sales will temper top-line growth.
No comments:
Post a Comment